Oil Execs Brag About Record-Breaking $90 Billion Profits As Americans Struggle

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According to Accountable.US, the 26 largest oil companies made a record-breaking $90 billion in profit in the second quarter of 2022, a 183% increase over the same quarter from last year. Phillips 66 reported net profit increases up to 981%. In the last three months. These big oil companies funneled $15 billion in dividends to their shareholders while raising gas prices to historic levels for American consumers.

Accountable.US released an updated report showing that the 26 largest oil companies made a record-breaking $90 billion in profit in the second quarter of 2022 – a 183% increase over the same quarter from last year. Some firms, such as Phillips 66, reported net profit increases up to 981%. In the last three months, these big oil companies funneled $15 billion in dividends to their shareholders while raising gas prices to historic levels for American consumers.

In private, oil executives boasted about their massive profits during quarterly earning calls,

Coterra’s CEO described their financial state as an “embarrassment of riches”, and BP’s CEO went so far as to brag about their record-setting earnings as the “upside from high prices”.

Read full article here…

Children’s Health Defense:   https://childrenshealthdefense.org/defender/oil-company-executives-record-profits-big-oil/

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Phillip
Phillip
3 months ago

Democrat or Republican, nothing changes.

JP Enterprises
JP Enterprises
3 months ago

The unfriendly regulatory environment results in profits going out as dividends instead of capex.

Also remember the biggest oil companies in the world are state owned – Saudi, Russia, Iran, Venezuala, Nigeria. Profits there as well are pillaged by insiders instead of reinvested as capex.

Trend will continue.

Ragnar D.
Ragnar D.
3 months ago

Creating artificial scarcity of energy resources is a primary method of our rulers to control us. Please check out the new LENR (low-energy nuclear reaction) technology which used to be called “cold fusion”. This is a disruptive technology which has been suppressed for decades but now is being publicly demonstrated at physics conferences. LENR is now in the process of being commercially developed which means that we soon could have as much cheap, clean, and safe energy as we ever would want. Wouldn’t it be nice to tell the oil industry that we no longer need them?

FedUpTickedOff
FedUpTickedOff
3 months ago

but what was the profit MARGIN ? Go to finance.yahoo.com and look up profit MARGINS for oil companies vs Big Pharma or Tech.
XOM – shows 10.97% profit margin while
Moderna MRNA = 61.12% almost 6 TIMES More